About the Lesotho Registry of InterestS in Movable Assets (LERIMA)
LERIMA is the Lesotho Electronic Registry of Security Interests in Movable Assets which is accessible through this website.
This website is where any person may register notices of security interest in movable property or notices of lien and to search for such notices. The purpose of registration is to publicize security interest or lien, and by publicizing it, to secure priority against competing interests. The purpose of searching is to find secured interests or liens that may be senior to an interest one may take.
In a typical situation, a person who proposes to take an interest in assets possessed by the debtor or a provider of collateral for the debtor will first search the online Lesotho Registry of Interest in Movable Assets to see if the assets may be subject to a prior secured interest or lien. If there is no prior notice of a secured interest or notice of lien in the proposed collateral, and if the proposed interest is a collateral interest, the secured party may immediately register a notice of its prospective interest via the registry website to secure its priority in the collateral. The secured party can then make the loan agreement with the debtor with confidence of its priority in the collateral against third parties.
The reason for registering a notice of a security interest or notice of lien is to establish a secured party's priority interest in movable assets against the interests of third parties. The notice makes the interest transparent to third parties so they will know that any interest they take will be junior to the prior interest.
In accordance with Section 31 of the Security Interest in Movable Property Act of 2020, the Commissioner of Financial Institutions is vested with powers to designate the Registrar within the Central Bank of Lesotho. The Registrar has only administrative responsibilities and includes management and maintenance of the Registry. The Registry is fully automated and all business is conducted on-line through the Lesotho Registry of Interest in Movable Assets website. If you have questions or need help with navigating the website, you may contact the Tech Support Desk by clicking the Technical Support link on the Welcome page on the website.
The Technical Support Desk is available Monday - Friday, from 8:00 AM till 4:30 PM excluding Holidays.
